Request for stand-by agreement – Press release; staff report; and Statement by the Executive Director for Georgia

Georgia: request for stand-by agreement – press release; staff report; and Statement by the Executive Director for Georgia

Publication date:

June 21, 2022

Electronic access:

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Summary:

The authorities’ policy response contributed to a robust recovery from the COVID-19 shock in 2021, with better-than-expected output growth reflecting pent-up demand and strong export performance. However, fallout from the war in Ukraine is expected to dampen growth, increase inflation and widen the current account deficit this year. The recovery in 2021 and the reduction of pandemic measures have led to a decline in the budget deficit and public debt. Inflation is expected to stay higher for longer, reflecting rising global food and commodity prices. The BNG has increased its policy rate by 3 percentage points since March 2021.

Series:

National Report No. 2022/188

Matter:

International organization Monetary policy

Frequency:

usual